Vietnamese economy rosy in Q1, still faces bumpy road ahead

Thriving industry: Visitors walking to board a cruise ship at the Ana Marina dock in Nha Trang. Vietnam welcomed nearly 91,000 foreign visitors after it reopened the tourism market. — Bloomberg

HANOI: Vietnam’s production and business recovered in the first quarter of this year, but are still encountering many obstacles, including adverse impacts of the global pandemic and the ongoing Russia-Ukraine conflict, said local experts and international organisations.

According to Vietnam’s General Statistics Office (GSO) under the Ministry of Planning and Investment, the country’s gross domestic product (GDP) grew 5.03% in the first quarter of this year, compared with 4.72% in the same period last year, and 3.66% in the first quarter of 2020, creating a springboard for economic growth in the next quarters of 2022.